LETTER FROM MOSCOW: FEBRUARY 2008

摘要

Tax regime curtails Russian crude productionnPresident Vladimir Putin has talked much about reducing Russia’s dependence on oil and his expectednsuccessor, Dmitry Medvedev, has signaled that he too sees this as a priority. The oil sector is no longer one ofnRussia’s key growth industries, but the economy remains heavily reliant upon it, with roughly half of the federalnbudget derived from oil taxes alone.